The Caledonian Group celebrates its 40th anniversary this
year, so The Journal takes a look back at its development over the years and
appreciates the Group’s focus as it heads into the next 40 years.
Caledonian was established in 1970 by one of Cayman’s
stalwarts of the financial services industry, the late Mr. William S. Walker
OBE. Walker was born in Guyana and educated in Barbados and England and in the
late 1950s he immigrated to Canada and quickly grew tired of the Canadian
winters. In the early 1960s he moved to Jamaica to work in Raymond Alberga’s
chambers and later immigrated to the Cayman Islands just as the jurisdiction
was developing as a financial services centre.
Walker was instrumental in contributing to the drafting of
much of the early financial services legislation in the late 1960s which, along
with the introduction of telephones and an international airport, paved the way
for the growth of financial services in the Cayman Islands.
Quickly recognising the need for a company management firm
to service Cayman Islands companies and trusts, he established Caledonian.
William Walker’s son, David Walker is Caledonian Group’s
CEO. He explains: “When Caledonian first started our operations were very
simple in comparison to the services we perform today. For example, it wasn’t
until 1988 that the company obtained a banking license. Along the way, as the
Cayman Islands has evolved as a financial service centre, so too has
Walker confirms that Caledonian developed “lock step” with
the development of the Cayman Islands as a financial services centre.
“You could check off the passage of the various financial
services licensing laws by the date of Caledonian’s licenses as we were early adopters
of the relevant licenses,” he says.
“We were also one of the first local firms
to establish an overseas office. In 1995 we established an office in the Isle
of Man which is a similar jurisdiction to Cayman and in 2004 we established an
office in New York followed by the opening of our BVI office in 2005 and just
this year we established a London office.”
Nowadays, Caledonian Group companies provide services in
four main business sectors: banking, fiduciary services, fund administration
and captive insurance services across five jurisdictions – the Cayman Islands,
Isle of Man, BVI, the US and most recently in London.
Banking have evolved so that customers receive the full
gamut of services – from international payment services to foreign exchange
(including conversion of US to CI), as well as treasury services, investment
services, credit services, custody services and agent bank services. They also
offer online banking
Jim O’Neill, managing director of Caledonian Bank Limited
furthers: “Caledonian has a foundation built on leading technology and expert
staff and we have always been known for our customer service and community
involvement. Our strong work ethic and knowledgeable staff has earned us a
first class reputation over the past 40 years and we are eagerly looking
forward to the next 40.”
Caledonian’s Trust companies in Cayman and the Isle of Man
provide trust and company management, SPV administration, fund of funds
custody, accounting services and director services. Fund administration is
provided in Cayman, Isle of Man and the US.
Walker confirms: “Our fund administration technology is
world class and we are able to offer a fully outsourced front to back office
solution to our clients including, order management, daily cash and position
reconciliations, investor services and financial statement preparation.”
Bernard McGrath, managing director of Caledonian Fund
Services furthers: “Caledonian has evolved from a small company that started 40
years ago to become a sophisticated fiduciary services company with several
thousand clients and an array of well trained and talented staff that are
prepared and ready to continue growing the company in the years that follow.”
The captive insurance practice is active in both Cayman and
the BVI. The firm assists clients prepare business plans and apply for the
required insurance licenses and on an ongoing basis, the team evaluates
underwriting risks and payment of claims, prepares financial statement and
performs additional accounting services for our clients.
Conor Jennings, managing director of Caledonian Insurance
(Cayman) Limited says the firm’s reputation as a sound provider of captive
insurance management stretches back many years.
“Caledonian has been
managing captive insurance companies for over thirty years and prides itself on
having long standing clients some of whom have been with us from the beginning.
In addition to managing traditional captive insurance companies, over the years
we have built up particular expertise in establishing and managing segregated
portfolio companies and we currently service the oldest remaining SPC in the
Cayman Islands,” he says.
“We fully support our clients and in turn they stand
strong with us.”